Yes. Assuming RJ45 presentation, you will need to make a crossover cable (this cable can also be used for PRI).
1 - 4
2 - 5
3 - nc
4 - 1
5 - 2
6,7,8 - nc
Then configure your interfaces with the following
int atm 1/0
ip add x.x.x.x y.y.y.y
atm pvc 1 0 16 aal5snap inarp 1
atm clock int
no shut
You should now be able to ping across the link.
Best Regards,
Ross